It is rare to see a regulator so afraid of its own programs as we are witnessing at Ginnie Mae. In an alarming move, Ginnie Mae has unleashed a plan that, if implemented, will significantly alter the mortgage markets and raise costs on loans that the majority of first-time homebuyers and minority homebuyers depend on.
On July 9, a Friday afternoon when most were ending their week, Ginnie Mae snuck out a request for information on a rule that would require a 250% risk weighting on Ginnie Mae mortgage servicing rights. The rule would also require additional capital be held details ⇒
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